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New Round Accelerates Growth Toward Becoming the World's Largest Flower Delivery Platform; Company Will Deliver Over 150,000 Bouquets This Valentine's Day
VENICE, CA --(Marketwired - February 03, 2016) - The Bouqs Company (Bouqs.com), the only cut-to-order, farm-to-table flower retailer delivering straight from farms on a volcano in South America (seriously!), today announced a $12 million Series B funding round. The round includes existing investors Quest Venture Partners, Azure Capital Partners and KEC Ventures, along with Enspire Capital and Draper Associates, among others. The financing will be used to further invest in the company's proprietary supply chain technology, expand its farm and florist networks, grow the team and launch a new native app.
Bouqs.com delivers the world's best flowers, straight from an eco-friendly network of farms in the US, Ecuador, Colombia and Costa Rica to consumers, florists, brides and businesses nationwide. This means the freshest flowers possible at industry-leading prices. The traditional model -- a $15 billion industry that hasn't changed in 100 years -- uses a supply chain that holds inventory in expensive warehouses for up to three weeks, resulting in higher prices, decreased quality, and up to 50 percent waste. With Bouqs.com there is almost no waste and farms and florists have more control and higher margins.
"We are changing flower-buying behavior across the country by delivering on our promise to provide consumers the best possible experience at game-changing prices, while helping our partner farms and florists thrive," said John Tabis, Founder and CEO of The Bouqs Company. "Our proprietary 1.5 billion stem supply chain, our curated artisan florist network, and the tech that enables them, combines to form a deep moat around the business. This new funding enables us to execute on critical technology and operational expansion to further our mission."
Having established an extremely loyal base of customers through its signature cut-to-order bouquets, the company launched same-day delivery this past summer through its local artisan florist network to meet the on-demand consumer's needs. The service delivers high-end, custom-designed floral arrangements in as little as two hours. Florists give the service rave reviews because of transparent economics with no fees, and fulfillment flexibility that empowers creative designers to focus on their passion: designing beautiful arrangements. As a result, the network has grown to more than 130 markets nationwide in under six months.
The artisan florist network innovation complements the company's subscription services for monthly deliveries, special occasions, or the random Just Because. Individuals and businesses can pre-set their schedule and save with discounts up to 25 percent off the company's all-in, transparent prices.
"Bouqs.com is a kickass company and true industry disruptor growing revenue 600% year over year since launch because they have a real focus on building the world's greatest flower brand," said Deborah Benton, former president & COO of Nasty Gal who previously served as executive vice president of operations at Teleflora, and currently sits on The Bouqs Company Board. "As sustainable pioneers, they have transformed the supply chain and customer experience while rapidly expanding a hyper-efficient model that holds no inventory, has very low fixed costs, and at scale creates strong operational leverage. I look forward to seeing what they unleash on the industry with a significant funding round backing the stellar management team they've assembled."
Mr. Tabis and his college classmate Juan Pablo Montufar co-founded The Bouqs Company in late 2012 and have since raised just under $20 million in funding, grown the team from three employees to nearly 40, and expanded operations to Ecuador, Colombia, Costa Rica, Ohio and Pennsylvania. In the last year, the company also made key hires including COO Carter Gaffney, who joined from LegalZoom, and CMO Jarred Goldberg, who transitioned to Bouqs.com from Revolve Clothing.
About The Bouqs Company:
Bouqs.com connects the world's best flowers to the people who deserve them and eliminates waste along the way. Our flowers are cut-to-order and shipped directly from eco-friendly farms so they last. And our high-end artisan florist network helps you celebrate important moments with beautiful, on-demand, custom-designed bouquets. (We call them Bouqs!) We're modernizing the industry with on-trend design, quality craftsmanship at accessible prices, superior service, and exceptional products. Check us out on Facebook, Instagram and Twitter.